Seven IPOs are scheduled for the week of September 17. Full IPO calendar available here.
TWO DIVIDEND PAYING
Spirit Realty Capital (NYSE:SRC)
Based in Scottsdale, AZ, Spirit Realty Capital (SRC) scheduled a $459 million IPO with a market capitalization of $1.3 billion at a price range mid-point of $17 to Thursday, September 20, 2012.
S-11 filed September 10, 2012.
Manager: Morgan Stanley.
Co Managers: Macquarie Capital; UBS; Deutsche; RBC; Raymond James; Sandler O'Neill; Stifel Nicolaus Weisel.
SRC owns over 1000 single tenant properties in the US, and leases them on a triple-net basis, which means the tenant is responsible for almost everything.
As of June 30, 2012, 96% of leases (based on annual rent) provided for increases in future annual base rent.
Susser Petroleum Partners LP (SUSP)
Based in Houston, TX, Susser Petroleum Partners LP (SUSP) scheduled a $190 million IPO with a market capitalization of $440 million at a price range mid-point of $20 for Thursday, September 20, 2012.
S-1 filed September 10, 2012.
Manager, Joint Managers: BofA Merrill Lynch; Barclays; Wells Fargo; UBS.
Co Managers: RBC; Raymond James; BMO; Baird; Janney Montgomery.
SUSP is a Delaware limited partnership formed by Susser Holdings Corporation, or SHC, to engage in the primarily fee-based wholesale distribution of motor fuels to SHC and third parties.
The cash payout percentage estimate looks healthy at 8.8%, culminating in an 87% payout ratio for the 12 months ending September 2013. But SUSP's margins are razor thin.
Capital Bank Financial ((NASDAQ:CBF))
Based in Coral Gables, Florida, Capital Bank Financial (CBF) scheduled a $251 million IPO with a market capitalization of $735 million at a price range mid-point of $22.for Friday, September 21, 2012.
S-1 filed September 10, 2012.
Manager, Joint Managers: Credit Suisse; BofA Merrill Lynch; Goldman; Barclays; FBR.
Co Managers: Keefe, Bruyette; Sandler O'Neill.
CBF has acquired failed banks and non-failed banks since it was organized in 2009. CBF was funded with $1 billion in private placements in 2009 and 20`0. Management very experienced and is from the industry'.
NBH Holdings Corp (NYSE:NBHC)
Based in Boston, MA, NBH Holdings Corp (NBHC) scheduled a $151 million IPO with a market capitalization of $1.1 billion at a price range mid-point of $21 for Thursday, September 20, 2012.
S-1 filed September 11, 2012.
Manager, Joint Managers: Goldman; Keefe, Bruyette.
Co Managers: FBR; Sandler O'Neill; Stephens; Sterne Agee; Stifel Nicolaus Weisel.
NHBC is a bank holding company incorporated in the State of Delaware in June 2009. In October 2009, NBHC raised net proceeds of $974 million through a private offering of common stock.
REAL ESTATE SERVICES
Based in San Francisco, CA, Trulia scheduled a $90 million IPO with a market capitalization of $396 million at a price range mid-point of $15, for Thursday, September 30, 2012.
S-1 filed September 7, 2012.
Manager, Joint Managers: J.P. Morgan; Deutsche.
Co Managers: RBC; Needham; William Blair.
TRLA competes with Zillow (NASDAQ:Z) and realestate.com and is priced at a discount to Zillow by some metrics. Z in the past three months ranged from a low of $32 and a high of $43, and is trading around $43.
Z has been recently profitable while TRLA appears to be on the path to breakeven. 68% of TRLA's revenues are from re-occurring subscriptions.
Based in Louisville, CO, GlobeImmune scheduled a $60 million IPO with a market capitalization of $206 million at a price range mid-point of $12 for Thursday, September 20, 2012.
S-1 filed September 5, 2012.
Manager, joint Managers: Wells Fargo; Piper Jaffray.
Co Managers: JMP Securities; Needham; MLV.
GBIM is a biopharmaceutical company focused on developing therapeutic products for cancer and infectious diseases based on a proprietary Tarmogen platform.
GBIM has received $40 million in upfront fees since 2009: $30 million from Celgene (NASDAQ:CELG) and $10 from Gilead (NASDAQ:GILD). As of June 2012 GBIM has recognized $19.3 of the upfront money received from strategic partners.
COMMERCIAL ELECTRIC VEHICLES
Smith Electric Vehicles (SMTH)
Based in Kansas City, MO, Smith Electric Vehicles scheduled a $77 million IPO with a market capitalization of $359 million at a price range mid-point of $17, for Friday, September 21, 2012.
S-1 filed September 6, 2012.
Manager, Joint Managers: UBS; Deutsche; Barclays.
Co Managers: CRT Capital.
SMTH designs, produces and sells commercial electric vehicles. SMTH suspended production in Q4 2011 to transition to newer technologies. Without government subsidies IPOdesktop believes commercial electric vehicles are not competitive.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.